Metro plans to sell its Indian operations for up to $1.75 billion, The Economic Times reported, saying Amazon, Thailand’s Charoen Pokphand group, Reliance Retail, Avenue Supermarts, Tata Group, Lulu Group and Samara Capital have approached the German retailer.
Metro has been operating its nationwide chain of 31 large grocery stores since 2003, but intense market competition and large investments to sustain operations has forced the Dusseldorf-based company to sell its interests, the paper reported.
Read the full report: Economic Times.
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